SAN FRANCISCO — On Wednesday, December 9, Facebook announced plans to invest $150 million in affordable housing for the lowest-income residents in the Bay Area.
Facebook said this investment is part of the Partnership for the Bay’s Future, a commitment made by the company a year ago to address the housing crisis.
Called the Community Housing Fund, Facebook said this investment would result in at least 2,000 affordable homes, which would be “California’s largest private fund dedicated to creating housing for extremely low-income families,” as stated in a press release.
The company said this is important now more than ever due to the on-going coronavirus pandemic.
The press release also included a statement from California Governor Gavin Newsom, who praised the social media company for its investments and commitments to affordable housing, saying “there is no better time to put this money to work.”
At the end of Newsom’s statement, he challenged “other private sector corporations” to follow Facebook’s lead to “provide additional low-cost capital to create thousands more homeless housing units all across California.”
The investment comes after a committee on the San Francisco Board of Supervisors unanimously voted on December 3 to condemn Facebook CEO Mark Zuckerberg’s name on the Zuckerberg San Francisco General Hospital and Trauma Center.
The $150 million investment will be spent from now until the year 2026.
